Should You Own or Rent Your Home in Retirement?

For many Americans, downsizing to a smaller home after
retirement just makes sense. After all, trading down to a more modest home will
save you plenty of money and increase your cash flow, and you’re likely to
spend much less time cleaning and maintaining your property than before. One of
the most critical decisions you can make before deciding to move is whether
you’ll rent or buy a home—a decision that should be made after careful
consideration and evaluation of your personal situation.

As one of the leading moving companies in Orange County, Merit Moving
Systems has over 50 years of experience helping our customers with world class relocation
services and assistance. Our team of expert residential
moversunderstands that the most successful relocation
outcomes happen when our customers are confident in their decision to move into
a new home.

If you’re thinking about downsizing to a smaller home and
wondering whether to rent or buy, the following information can help you to
make a confident decision about your upcoming move—and get you one step closer
towards living your best life after retirement.

The Benefits of Buying a Home After Retirement

Like most Americans, you’ve probably gotten used to the idea
that buying is always superior to renting. While this isn’t always true, home
ownership after retirement can offer many benefits, including increased tax
breaks and greater stability. It will also ensure that your estate includes at
least one property if leaving an
inheritance is important to you.

Owning your own home also allows you to live the way you
want—something that can be very important during the golden years of one’s
life. For example, you’ll never have to worry about being asked to move out and
can remodel or make adjustments to the property however you see fit. When
renting, on the other hand, modifications usually aren’t allowed, and investing
in a home that’s not yours isn’t recommended anyway.

When is Renting Better Than Buying?

Many senior citizens are surprised to learn that renting can
be the more financially responsible choice after downsizing for retirement. After
all, the money you throw out on rent every month can easily be spent on things
like closing costs, upkeep, taxes, and insurance, which could eliminate the
equity you earn on your home. This is especially true if you’re not planning on
living in the same place for more than ten years, and if you use your savings
to invest in other ventures instead of on the down payment for a home.

Another benefit of renting is the freedom it gives you to
explore living in new areas, cities, states or even countries without being
tied down to a home. While some people prefer the feeling of stability that
home ownership provides, others jump at the chance to break free and enjoy new
adventures during their golden years.

At Merit Moving Systems, we understand how important it is
for senior citizens to feel confident about their choice to either rent or buy
a home after retirement. Our local
movers have helped countless San Bernardino County and Riverside County residents adjust to their brand-new
lifestyles with smooth, organized relocations.

If you’re starting out on a new life path and need help planning
your next relocation, give our team of home movers at Merit Moving Systems a call now. You can also fill
out our online form to schedule a free, in-home consultation and pricing
estimate with one of our moving
company’s friendly, expert residential movers today.